Indian farmers work incredibly hard to feed the entire population of the country. Farmers make a large part of the population and are largely dependent on agriculture, hence, it is marked a priority sector in the nation. Farmers are often faced with financial challenges and while government makes sure that they get all the monetary aid they need, there are some financial needs that suddenly pop up. To keep their financial worries at bay, they can apply for personal loans for farmers that are offered by lending institutions with a handful of benefits.
Whether you need money to buy a tractor or agricultural equipment, purchase land or renovate home, or simply consolidate your debts, personal loans for farmers are a great solution to financial issues. As per their requirements, farmers can apply for easy and convenient personal loans with affordable interest rates and flexible loan repayment options based on their income.
Documentation Required for Personal Loan for Farmers
Lending institutes sanction personal loans to farmers with long-term and short-term repayment options. To make the loan application process easier for farmers, a majority of which is illiterate, lending parties provide simplified documentation. And the following documents for personal loans are a must:
- ID proof: voter ID card, photo ration card, Aadhar card
- Ration card for address proof
- Kisan Credit Card - A card issued to farmers, enabling them the facility of a hassle free financial transactions to meet their day to day requirements
While some lending institutes mandate only these documents, others may require more. It varies from one lender to another.
Personal Loan for Farmers Eligibility
Personal loans are extended to all kinds of farmers ranging from small and marginal farmers to tenant farmers, oral lessees and share croppers. Since there is no collateral needed for personal loans, the loan amount varies from one financial institution to another as per the purpose of the loan and same goes for the interest rates as well. With so many advantages, personal loan for farmers help them finance their personal requirements as well as expand their activities.
